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Trackwise Designs warns FY revenues will be lower than expected due to impact of COVID restrictions on sales
StockMarketWire.com
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Printed circuit technology group Trackwise Designs has announced that it expects to report lower-than-expected full-year revenues and an operating loss in line with expectations after tighter COVID restrictions hit sales.
In an update, it said full-year revenues for the year ended 31 December 2020 would be approximately £6.1 million and that it expects to announce an adjusted operating loss of approximately £0.2 million.
The company attributed this to year-end sales in both its IHT and Advanced PCBs divisions having been impacted by the tightening of COVID-19 restrictions in the UK and overseas, and also by the nervousness at the end of the Brexit transition period.
However, it expects trading activity to normalise as restrictions ease.
The company said that the pipeline of revenue opportunities across the primary target markets of electric vehicle, medical and aerospace continued to grow, while IHT total customers and opportunities had risen to 87 at the year end.
Chief executive Philip Johnston said: '2020 was a transformational year for Trackwise, as we made substantial progress in expanding and upgrading our manufacturing facilities including the acquisition of SCL, and secured our first series production order from an electric vehicle manufacturer.'
At 9:47am: (LON:TWD) Trackwise Designs Plc Ord 4p share price was 0p at 290p
Story provided by StockMarketWire.com
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